Full textual content of Warren Buffett’s annual letter to shareholders


Warren Buffett launched his annual letter to Berkshire Hathaway shareholders on Saturday. Learn the complete textual content right here:


To the Shareholders of Berkshire Hathaway Inc:

Berkshire earned $42.5 billion in 2020 in accordance with usually accepted accounting ideas (generally referred to as GAAP). The 4 elements of that determine are $21.9 billion of working earnings, $4.9 billion of realized capital good points, a $26.7 billion acquire from a rise within the quantity of internet unrealized capital good points that exist within the shares we maintain and, lastly, an $11 billion loss from a write-down within the worth of some subsidiary and affiliate companies that we personal. All gadgets are said on an after-tax foundation.

Working earnings are what rely most, even during times when they aren’t the biggest merchandise in our GAAP complete. Our focus at Berkshire is each to extend this section of our revenue and to amass massive and favorably-situated companies.

Final yr, nevertheless, we met neither purpose: Berkshire made no sizable acquisitions and working earnings fell 9%. We did, although, enhance Berkshire’s per-share intrinsic worth by each retaining earnings and repurchasing about 5% of our shares.

The 2 GAAP elements pertaining to capital good points or losses (whether or not realized or unrealized) fluctuate capriciously from yr to yr, reflecting swings within the inventory market. No matter as we speak’s figures, Charlie Munger, my long-time accomplice, and I firmly consider that, over time, Berkshire’s capital good points from its funding holdings might be substantial.

As I’ve emphasised many occasions, Charlie and I view Berkshire’s holdings of marketable shares – at yr finish price $281 billion – as a set of companies. We don’t management the operations of these corporations, however we do share proportionately of their long-term prosperity. From an accounting standpoint, nevertheless, our portion of their earnings just isn’t included in Berkshire’s revenue. As a substitute, solely what these investees pay us in dividends is recorded on our books. Below GAAP, the massive sums that investees retain on our behalf grow to be invisible.

What’s out of sight, nevertheless, shouldn’t be out of thoughts: These unrecorded retained earnings are normally constructing worth – plenty of worth – for Berkshire. Investees use the withheld funds to increase their enterprise, make acquisitions, repay debt and, typically, to repurchase their inventory (an act that will increase our share of their future earnings).

As we identified in these pages final yr, retained earnings have propelled American enterprise all through our nation’s historical past. What labored for Carnegie and Rockefeller has, over time, labored its magic for thousands and thousands of

shareholders as nicely.

In fact, a few of our investees will disappoint, including little, if something, to the worth of their firm by retaining earnings. However others will over-deliver, a couple of spectacularly. In mixture, we anticipate our share of the massive pile of earnings retained by Berkshire’s non-controlled companies (what others would label our fairness portfolio) to finally ship us an equal or higher quantity of capital good points. Over our 56-year tenure, that expectation has been met.

The ultimate element in our GAAP determine – that ugly $11 billion write-down – is nearly fully the quantification of a mistake I made in 2016. That yr, Berkshire bought Precision Castparts (“PCC”), and I paid an excessive amount of for the corporate.

Nobody misled me in any method – I used to be just too optimistic about PCC’s normalized revenue potential. Final yr, my miscalculation was laid naked by opposed developments all through the aerospace business, PCC’s most vital supply of consumers.

In buying PCC, Berkshire purchased a wonderful firm – the most effective in its enterprise. Mark Donegan, PCC’s CEO, is a passionate supervisor who persistently pours the identical power into the enterprise that he did earlier than we bought it.

We’re fortunate to have him operating issues.

I consider I used to be proper in concluding that PCC would, over time, earn good returns on the web tangible property deployed in its operations. I used to be improper, nevertheless, in judging the typical quantity of future earnings and, consequently, improper in my calculation of the right value to pay for the enterprise. PCC is way from my first error of that kind. Nevertheless it’s an enormous one.

Two Strings to Our Bow
Berkshire is commonly labeled a conglomerate, a detrimental time period utilized to holding corporations that personal a hodge-podge of unrelated companies. And, sure, that describes Berkshire – however solely partly. To grasp how and why we differ from the prototype conglomerate, let’s evaluate just a little historical past.

Over time, conglomerates have usually restricted themselves to purchasing companies of their entirety. That technique, nevertheless, got here with two main issues. One was unsolvable: Many of the actually nice companies had little interest in having anybody take them over. Consequently, deal-hungry conglomerateurs needed to deal with so-so corporations that lacked vital and sturdy aggressive strengths. That was not an awesome pond wherein to fish. Past that, as conglomerateurs dipped into this universe of mediocre companies, they typically discovered themselves required to pay staggering “management” premiums to snare their quarry. Aspiring conglomerateurs knew the reply to this “overpayment” drawback: They merely wanted to fabricate a vastly overvalued inventory of their very own that might be used as a “foreign money” for expensive acquisitions. (“I’ll pay you $10,000 in your canine by providing you with two of my $5,000 cats.”)

Usually, the instruments for fostering the overvaluation of a conglomerate’s inventory concerned promotional methods and “imaginative” accounting maneuvers that had been, at finest, misleading and that generally crossed the road into fraud.

When these tips had been “profitable,” the conglomerate pushed its personal inventory to, say, 3x its enterprise worth in an effort to supply the goal 2x its worth.

Investing illusions can proceed for a surprisingly very long time. Wall Road loves the charges that deal-making generates, and the press loves the tales that colourful promoters present. At a degree, additionally, the hovering value of a promoted inventory can itself grow to be the “proof” that an phantasm is actuality.

Finally, in fact, the occasion ends, and plenty of enterprise “emperors” are discovered to don’t have any garments. Monetary historical past is replete with the names of well-known conglomerateurs who had been initially lionized as enterprise geniuses by journalists, analysts and funding bankers, however whose creations ended up as enterprise junkyards. Conglomerates earned their horrible status.

Charlie and I would like our conglomerate to personal all or a part of a various group of companies with good financial traits and good managers. Whether or not Berkshire controls these companies, nevertheless, is unimportant to us.

It took me some time to clever up. However Charlie – and likewise my 20-year wrestle with the textile operation I inherited at Berkshire – lastly satisfied me that proudly owning a non-controlling portion of an exquisite enterprise is extra worthwhile, extra satisfying and much much less work than battling 100% of a marginal enterprise.

For these causes, our conglomerate will stay a set of managed and non-controlled companies. Charlie and I’ll merely deploy your capital into no matter we consider makes essentially the most sense, based mostly on an organization’s sturdy aggressive strengths, the capabilities and character of its administration, and value.

If that technique requires little or no effort on our half, a lot the higher. In distinction to the scoring system utilized in diving competitions, you’re awarded no factors in enterprise endeavors for “diploma of problem.” Moreover, as Ronald Reagan cautioned: “It’s stated that onerous work by no means killed anybody, however I say why take the possibility?”

The Household Jewels and How We Enhance Your Share of These Gems
On web page A-1 we listing Berkshire’s subsidiaries, a smorgasbord of companies using 360,000 at yr finish. You may learn rather more about these managed operations within the 10-Ok that fills the again a part of this report. Our main positions in corporations that we partly personal and don’t management are listed on web page 7 of this letter. That portfolio of companies, too, is massive and various.

Most of Berkshire’s worth, nevertheless, resides in 4 companies, three managed and one wherein now we have solely a 5.4% curiosity. All 4 are jewels.

The biggest in worth is our property/casualty insurance coverage operation, which for 53 years has been the core of Berkshire. Our household of insurers is exclusive within the insurance coverage discipline. So, too, is its supervisor, Ajit Jain, who joined Berkshire in 1986.

Total, the insurance coverage fleet operates with way more capital than is deployed by any of its opponents worldwide. That monetary energy, coupled with the massive circulation of money Berkshire yearly receives from its non-insurance companies, permits our insurance coverage corporations to securely comply with an equity-heavy funding technique not possible for the overwhelming majority of insurers. These opponents, for each regulatory and credit-rating causes, should deal with bonds.

And bonds aren’t the place to be as of late. Are you able to consider that the revenue lately out there from a 10-year U.S. Treasury bond – the yield was 0.93% at yr finish – had fallen 94% from the 15.8% yield out there in September 1981? In sure massive and vital nations, similar to Germany and Japan, traders earn a detrimental return on trillions of {dollars} of sovereign debt. Fastened-income traders worldwide – whether or not pension funds, insurance coverage corporations or retirees – face a bleak future.

Some insurers, in addition to different bond traders, could attempt to juice the pathetic returns now out there by shifting their purchases to obligations backed by shaky debtors. Dangerous loans, nevertheless, aren’t the reply to insufficient rates of interest. Three a long time in the past, the once-mighty financial savings and mortgage business destroyed itself, partly by ignoring that maxim.

Berkshire now enjoys $138 billion of insurance coverage “float” – funds that don’t belong to us, however are nonetheless ours to deploy, whether or not in bonds, shares or money equivalents similar to U.S. Treasury payments. Float has some similarities to financial institution deposits: money flows out and in each day to insurers, with the full they maintain altering little or no.

The huge sum held by Berkshire is prone to stay close to its current stage for a few years and, on a cumulative foundation, has been costless to us. That completely satisfied outcome, in fact, might change – however, over time, I like our odds. I’ve repetitiously – some would possibly say endlessly – defined our insurance coverage operation in my annual letters to you. Subsequently, I’ll this yr ask new shareholders who want to study extra about our insurance coverage enterprise and “float” to learn the pertinent part of the 2019 report, reprinted on web page A-2. It’s vital that you just perceive the dangers, in addition to the alternatives, current in our insurance coverage actions.

Our second and third most dear property – it’s just about a toss-up at this level – are Berkshire’s 100% possession of BNSF, America’s largest railroad measured by freight quantity, and our 5.4% possession of Apple.

And within the fourth spot is our 91% possession of Berkshire Hathaway Vitality (“BHE”). What now we have here’s a very uncommon utility enterprise, whose annual earnings have grown from $122 million to $3.Four billion throughout our 21 years of possession.

I’ll have extra to say about BNSF and BHE later on this letter. For now, nevertheless, I want to deal with a apply Berkshire will periodically use to reinforce your curiosity in each its “Large 4” in addition to the numerous different property Berkshire owns.

Final yr we demonstrated our enthusiasm for Berkshire’s unfold of properties by repurchasing the equal of 80,998 “A” shares, spending $24.7 billion within the course of. That motion elevated your possession in all of Berkshire’s companies by 5.2% with out requiring you to a lot as contact your pockets.

Following standards Charlie and I’ve lengthy beneficial, we made these purchases as a result of we believed they might each improve the intrinsic worth per share for persevering with shareholders and would depart Berkshire with greater than ample funds for any alternatives or issues it would encounter.

Under no circumstances do we expect that Berkshire shares ought to be repurchased at merely any value. I emphasize that time as a result of American CEOs have an embarrassing document of devoting extra firm funds to repurchases when costs have risen than after they have tanked. Our strategy is precisely the reverse.

Berkshire’s funding in Apple vividly illustrates the ability of repurchases. We started shopping for Apple inventory late in 2016 and by early July 2018, owned barely a couple of billion Apple shares (split-adjusted). Saying that, I’m referencing the funding held in Berkshire’s normal account and am excluding a really small and separately-managed holding of Apple shares that was subsequently offered. Once we completed our purchases in mid-2018, Berkshire’s normal account owned 5.2% of Apple.

Our value for that stake was $36 billion. Since then, now we have each loved common dividends, averaging about $775 million yearly, and have additionally – in 2020 – pocketed an extra $11 billion by promoting a small portion of our place.

Regardless of that sale – voila! – Berkshire now owns 5.4% of Apple. That enhance was costless to us, coming about as a result of Apple has repeatedly repurchased its shares, thereby considerably shrinking the quantity it now has excellent.

However that’s removed from all the excellent news. As a result of we additionally repurchased Berkshire shares through the 21⁄2 years, you now not directly personal a full 10% extra of Apple’s property and future earnings than you probably did in July 2018. This agreeable dynamic continues. Berkshire has repurchased extra shares since yearend and is prone to additional cut back its share rely sooner or later. Apple has publicly said an intention to repurchase its shares as nicely. As these reductions happen, Berkshire shareholders is not going to solely personal a higher curiosity in our insurance coverage group and in BNSF and BHE, however may also discover their oblique possession of Apple growing as nicely.

The maths of repurchases grinds away slowly, however may be highly effective over time. The method provides a easy method for traders to personal an ever-expanding portion of outstanding companies. And as a sultry Mae West assured us: “An excessive amount of of a great factor may be . . . great.”

Investments
Under we listing our fifteen widespread inventory investments that at yearend had been our largest in market worth. We exclude our Kraft Heinz holding — 325,442,152 shares — as a result of Berkshire is a part of a management group and due to this fact should account for that funding utilizing the “fairness” technique. On its steadiness sheet, Berkshire carries the Kraft Heinz holding at a GAAP determine of $13.Three billion, an quantity that represents Berkshire’s share of the audited internet price of Kraft Heinz on December 31, 2020. Please word, although, that the market worth of our shares on that date was solely $11.Three billion.

A Story of Two Cities
Success tales abound all through America. Since our nation’s beginning, people with an thought, ambition and sometimes only a pittance of capital have succeeded past their desires by creating one thing new or by enhancing the client’s expertise with one thing previous.

Charlie and I journeyed all through the nation to hitch with many of those people or their households. On the West Coast, we started the routine in 1972 with our buy of See’s Sweet. A full century in the past, Mary See got down to ship an age-old product that she had reinvented with particular recipes. Added to her marketing strategy had been quaint shops staffed by pleasant salespeople. Her first small outlet in Los Angeles finally led to a number of hundred outlets, unfold all through the West.

Immediately, Mrs. See’s creations proceed to please clients whereas offering life-long employment for hundreds of men and women. Berkshire’s job is just to not meddle with the corporate’s success. When a enterprise manufactures and distributes a non-essential shopper product, the client is the boss. And, after 100 years, the client’s message to Berkshire stays clear: “Don’t mess with my sweet.”

Let’s transfer throughout the continent to Washington, D.C. In 1936, Leo Goodwin, alongside together with his spouse, Lillian, grew to become satisfied that auto insurance coverage – a standardized product usually bought from brokers – might be offered immediately at a a lot cheaper price. Armed with $100,000, the pair took on large insurers possessing 1,000 occasions or extra their capital. Authorities Staff Insurance coverage Firm (later shortened to GEICO) was on its method.

By luck, I used to be uncovered to the corporate’s potential a full 70 years in the past. It immediately grew to become my past love (of an funding kind). You already know the remainder of the story: Berkshire finally grew to become the 100% proprietor of GEICO, which at 84 years of age is consistently fine-tuning – however not altering – the imaginative and prescient of Leo and Lillian.

There was, nevertheless, a change within the firm’s measurement. In 1937, its first full yr of operation, GEICO did $238,288 of enterprise. Final yr the determine was $35 billion.

Immediately, with a lot of finance, media, authorities and tech situated in coastal areas, it’s straightforward to miss the numerous miracles occurring in center America. Let’s deal with two communities that present beautiful illustrations of the expertise and ambition current all through our nation. You’ll not be shocked that I start with Omaha.

In 1940, Jack Ringwalt, a graduate of Omaha’s Central Excessive Faculty (the alma mater as nicely of Charlie, my dad, my first spouse, our three kids and two grandchildren), determined to start out a property/casualty insurance coverage firm funded by $125,000 in capital.

Jack’s dream was preposterous, requiring his pipsqueak operation – considerably pompously christened as Nationwide Indemnity – to compete with large insurers, all of which operated with ample capital. Moreover, these opponents had been solidly entrenched with nationwide networks of well-funded and long-established native brokers.

Below Jack’s plan, Nationwide Indemnity, in contrast to GEICO, would itself use no matter companies deigned to simply accept it and consequently get pleasure from no value benefit in its acquisition of enterprise. To beat these formidable handicaps, Nationwide Indemnity targeted on “odd-ball” dangers, which had been deemed unimportant by the “huge boys.” And, improbably, the technique succeeded.

Jack was sincere, shrewd, likeable and a bit quirky. Particularly, he disliked regulators. When he periodically grew to become aggravated with their supervision, he would really feel an urge to promote his firm.

Thankfully, I used to be close by on a type of events. Jack appreciated the thought of becoming a member of Berkshire, and we made a deal in 1967, taking all of 15 minutes to succeed in a handshake. I by no means requested for an audit.

Immediately Nationwide Indemnity is the one firm on the planet ready to insure sure large dangers. And, sure, it stays based mostly in Omaha, a couple of miles from Berkshire’s residence workplace.

Over time, now we have bought 4 further companies from Omaha households, the most effective recognized amongst them being Nebraska Furnishings Mart (“NFM”). The corporate’s founder, Rose Blumkin (“Mrs. B”), arrived in Seattle in 1915 as a Russian emigrant, unable to learn or communicate English. She settled in Omaha a number of years later and by 1936 had saved $2,500 with which to start out a furnishings retailer.

Rivals and suppliers ignored her, and for a time their judgment appeared appropriate: World Conflict II stalled her enterprise, and at yearend 1946, the corporate’s internet price had grown to solely $72,264. Money, each within the until and on deposit, totaled $50 (that’s not a typo).

One invaluable asset, nevertheless, went unrecorded within the 1946 figures: Louie Blumkin, Mrs. B’s solely son, had rejoined the shop after 4 years within the U.S. Military. Louie fought at Normandy’s Omaha Seaside following the D-Day invasion, earned a Purple Coronary heart for accidents sustained within the Battle of the Bulge, and eventually sailed residence in November 1945.

As soon as Mrs. B and Louie had been reunited, there was no stopping NFM. Pushed by their dream, mom and son labored days, nights and weekends. The outcome was a retailing miracle. By 1983, the pair had created a enterprise price $60 million. That yr, on my birthday, Berkshire bought 80% of NFM, once more with out an audit. I counted on Blumkin members of the family to run the enterprise; the third and fourth era accomplish that as we speak. Mrs. B, it ought to be famous, labored each day till she was 103 – a ridiculously untimely retirement age as judged by Charlie and me.

NFM now owns the three largest home-furnishings shops within the U.S. Every set a gross sales document in 2020, a feat achieved regardless of the closing of NFM’s shops for greater than six weeks due to COVID-19. A post-script to this story says all of it: When Mrs. B’s massive household gathered for vacation meals, she at all times requested that they sing a music earlier than consuming. Her choice by no means different: Irving Berlin’s “God Bless America.”

Let’s transfer considerably east to Knoxville, the third largest metropolis in Tennessee. There, Berkshire has possession in two exceptional corporations – Clayton Properties (100% owned) and Pilot Journey Facilities (38% owned now, however headed for 80% in 2023).

Every firm was began by a younger man who had graduated from the College of Tennessee and stayed put in Knoxville. Neither had a significant quantity of capital nor rich mother and father. However, so what? Immediately, Clayton and Pilot every have annual pre-tax earnings of greater than $1 billion. Collectively they make use of about 47,000 women and men.

Jim Clayton, after a number of different enterprise ventures, based Clayton Properties on a shoestring in 1956, and “Large Jim” Haslam began what grew to become Pilot Journey Facilities in 1958 by buying a service station for $6,000. Every of the boys later introduced into the enterprise a son with the identical ardour, values and brains as his father. Typically there’s a magic to genes.

“Large Jim” Haslam, now 90, has lately authored an inspirational guide wherein he relates how Jim Clayton’s son, Kevin, inspired the Haslams to promote a big portion of Pilot to Berkshire. Each retailer is aware of that happy clients are a retailer’s finest salespeople. That’s true when companies are altering palms as nicely.

If you subsequent fly over Knoxville or Omaha, tip your hat to the Claytons, Haslams and Blumkins in addition to to the military of profitable entrepreneurs who populate each a part of our nation. These builders wanted America’s framework for prosperity – a singular experiment when it was crafted in 1789 – to attain their potential. In flip, America wanted residents like Jim C., Jim H., Mrs. B and Louie to perform the miracles our founding fathers sought.

Immediately, many individuals forge related miracles all through the world, creating an expansion of prosperity that advantages all of humanity. In its temporary 232 years of existence, nevertheless, there was no incubator for unleashing human potential like America. Regardless of some extreme interruptions, our nation’s financial progress has been breathtaking. Past that, we retain our constitutional aspiration of turning into “a extra good union.” Progress on that entrance has been sluggish, uneven and sometimes discouraging. We’ve got, nevertheless, moved ahead and can proceed to take action.

Our unwavering conclusion: By no means guess towards America.

The Berkshire Partnership
Berkshire is a Delaware company, and our administrators should comply with the state’s legal guidelines. Amongst them is a requirement that board members should act in the most effective curiosity of the company and its stockholders. Our administrators embrace that doctrine.

As well as, in fact, Berkshire administrators need the corporate to please its clients, to develop and reward the skills of its 360,000 associates, to behave honorably with lenders and to be thought to be a great citizen of the numerous cities and states wherein we function. We worth these 4 vital constituencies.

None of those teams, nevertheless, have a vote in figuring out such issues as dividends, strategic route, CEO choice, or acquisitions and divestitures. Duties like these fall solely on Berkshire’s administrators, who should faithfully characterize the long-term pursuits of the company and its house owners.

Past authorized necessities, Charlie and I really feel a particular obligation to the numerous particular person shareholders of Berkshire. A bit of private historical past could enable you to grasp our uncommon attachment and the way it shapes our habits.

Earlier than my Berkshire years, I managed cash for a lot of people by way of a collection of partnerships, the primary three of these shaped in 1956. As time handed, using a number of entities grew to become unwieldy and, in 1962, we amalgamated 12 partnerships right into a single unit, Buffett Partnership Ltd. (“BPL”).

By that yr, nearly all of my very own cash, and that of my spouse as nicely, had grow to be invested alongside the funds of my many restricted companions. I obtained no wage or charges. As a substitute, as the overall accomplice, I used to be compensated by my restricted companions solely after they secured returns above an annual threshold of 6%. If returns failed to satisfy that stage, the shortfall was to be carried ahead towards my share of future earnings. (Thankfully, that by no means occurred:

Partnership returns at all times exceeded the 6% “bogey.”) Because the years glided by, a big a part of the assets of my mother and father, siblings, aunts, uncles, cousins and in-laws grew to become invested within the partnership.

Charlie shaped his partnership in 1962 and operated a lot as I did. Neither of us had any institutional traders, and only a few of our companions had been financially refined. The individuals who joined our ventures merely trusted us to deal with their cash as we handled our personal. These people – both intuitively or by counting on the recommendation of associates – accurately concluded that Charlie and I had an excessive aversion to everlasting lack of capital and that we might not have accepted their cash until we anticipated to do fairly nicely with it.

I stumbled into enterprise administration after BPL acquired management of Berkshire in 1965. Later nonetheless, in 1969, we determined to dissolve BPL. After yearend, the partnership distributed, pro-rata, all of its money together with three shares, the biggest by worth being BPL’s 70.5% curiosity in Berkshire.

Charlie, in the meantime, wound up his operation in 1977. Among the many property he distributed to companions was a significant curiosity in Blue Chip Stamps, an organization his partnership, Berkshire and I collectively managed. Blue Chip was additionally among the many three shares my partnership had distributed upon its dissolution.

In 1983, Berkshire and Blue Chip merged, thereby increasing Berkshire’s base of registered shareholders from 1,900 to 2,900. Charlie and I needed everybody – previous, new and potential shareholders – to be on the identical web page.

Subsequently, the 1983 annual report – up entrance – laid out Berkshire’s “main enterprise ideas.” The primary precept started: “Though our type is company, our perspective is partnership.” That outlined our relationship in 1983; it defines it as we speak. Charlie and I – and our administrators as nicely – consider this dictum will serve Berkshire nicely for a lot of a long time to return.

Possession of Berkshire now resides in 5 massive “buckets,” one occupied by me as a “founder” of kinds. That bucket is definite to empty because the shares I personal are yearly distributed to numerous philanthropies. Two of the remaining 4 buckets are stuffed by institutional traders, every dealing with different folks’s cash. That, nevertheless, is the place the similarity between these buckets ends: Their investing procedures couldn’t be extra completely different.

In a single institutional bucket are index funds, a big and mushrooming section of the funding world. These funds merely mimic the index that they monitor. The favourite of index traders is the S&P 500, of which Berkshire is a element. Index funds, it ought to be emphasised, personal Berkshire shares just because they’re required to take action.

They’re on automated pilot, shopping for and promoting just for “weighting” functions. Within the different institutional bucket are professionals who handle their purchasers’ cash, whether or not these funds belong to rich people, universities, pensioners or whomever. These skilled managers have a mandate to maneuver funds from one funding to a different based mostly on their judgment as to valuation and prospects. That’s an honorable, although troublesome, occupation.

We’re completely satisfied to work for this “lively” group, whereas they in the meantime seek for a greater place to deploy the funds of their clientele. Some managers, to make certain, have a long-term focus and commerce very occasionally. Others use computer systems using algorithms which will direct the acquisition or sale of shares in a nano-second. Some skilled traders will come and go based mostly upon their macro-economic judgments.

Our fourth bucket consists of particular person shareholders who function in a way much like the lively institutional managers I’ve simply described. These house owners, understandably, consider their Berkshire shares as a doable supply of funds after they see one other funding that excites them. We’ve got no quarrel with that perspective, which has similarities to the way in which we have a look at among the equities we personal at Berkshire.

All of that stated, Charlie and I might be lower than human if we didn’t really feel a particular kinship with our fifth bucket: the million-plus particular person traders who merely belief us to characterize their pursuits, regardless of the future could deliver. They’ve joined us with no intent to depart, adopting a mindset much like that held by our unique companions.

Certainly, many traders from our partnership years, and/or their descendants, stay substantial house owners of Berkshire.

A prototype of these veterans is Stan Truhlsen, a cheerful and beneficiant Omaha ophthalmologist in addition to private buddy, who turned 100 on November 13, 2020. In 1959, Stan, together with 10 different younger Omaha medical doctors, shaped a partnership with me. The docs creatively labeled their enterprise Emdee, Ltd. Yearly, they joined my spouse and me for a celebratory dinner at our residence.

When our partnership distributed its Berkshire shares in 1969, all the medical doctors saved the inventory they obtained. They could not have recognized the ins and outs of investing or accounting, however they did know that at Berkshire they might be handled as companions.

Two of Stan’s comrades from Emdee are actually of their high-90s and proceed to carry Berkshire shares. This group’s startling sturdiness – together with the truth that Charlie and I are 97 and 90, respectively – serves up an fascinating query: Might it’s that Berkshire possession fosters longevity?

Berkshire’s uncommon and valued household of particular person shareholders could add to your understanding of our reluctance to courtroom Wall Road analysts and institutional traders. We have already got the traders we would like and don’t suppose that they, on steadiness, can be upgraded by replacements.

There are solely so many seats – that’s, shares excellent – out there for Berkshire possession. And we very very similar to the folks already occupying them.

In fact, some turnover in “companions” will happen. Charlie and I hope, nevertheless, that will probably be minimal. Who, in any case, seeks speedy turnover in associates, neighbors or marriage?

In 1958, Phil Fisher wrote an outstanding guide on investing. In it, he analogized operating a public firm to managing a restaurant. In case you are searching for diners, he stated, you may appeal to a clientele and prosper that includes both hamburgers served with a Coke or a French delicacies accompanied by unique wines. However you should not, Fisher warned, capriciously change from one to the opposite: Your message to potential clients should be in keeping with what they are going to discover upon coming into your premises.

At Berkshire, now we have been serving hamburgers and Coke for 56 years. We cherish the clientele this fare has attracted.

The tens of thousands and thousands of different traders and speculators in the USA and elsewhere have all kinds of fairness decisions to suit their tastes. They may discover CEOs and market gurus with attractive concepts. If they need value targets, managed earnings and “tales,” they won’t lack suitors. “Technicians” will confidently instruct them as to what some wiggles on a chart portend for a inventory’s subsequent transfer. The requires motion won’t ever cease.

Lots of these traders, I ought to add, will do fairly nicely. In spite of everything, possession of shares could be very a lot a “positive-sum” recreation. Certainly, a affected person and down to earth monkey, who constructs a portfolio by throwing 50 darts at a board itemizing all the S&P 500, will – over time – get pleasure from dividends and capital good points, simply so long as it by no means will get tempted to make adjustments in its unique “choices.”

Productive property similar to farms, actual property and, sure, enterprise possession produce wealth – plenty of it. Most house owners of such properties might be rewarded. All that’s required is the passage of time, an interior calm, ample diversification and a minimization of transactions and costs. Nonetheless, traders should always remember that their bills are Wall Road’s revenue. And, in contrast to my monkey, Wall Streeters don’t work for peanuts.

When seats open up at Berkshire – and we hope they’re few – we would like them to be occupied by newcomers who perceive and want what we provide. After a long time of administration, Charlie and I stay unable to vow outcomes. We are able to and do, nevertheless, pledge to deal with you as companions.

And so, too, will our successors.

A Berkshire Quantity that Could Shock You
Lately, I realized a truth about our firm that I had by no means suspected: Berkshire owns American-based property, plant and gear – the kind of property that make up the “enterprise infrastructure” of our nation – with a GAAP valuation exceeding the quantity owned by some other U.S. firm. Berkshire’s depreciated value of those home “mounted property” is $154 billion. Subsequent in line on this listing is AT&T, with property, plant and gear of $127 billion.

Our management in fixed-asset possession, I ought to add, doesn’t, in itself, sign an funding triumph. The most effective outcomes happen at corporations that require minimal property to conduct high-margin companies – and supply items or providers that may increase their gross sales quantity with solely minor wants for extra capital. We, in actual fact, personal a couple of of those distinctive companies, however they’re comparatively small and, at finest, develop slowly.

Asset-heavy corporations, nevertheless, may be good investments. Certainly, we’re delighted with our two giants – BNSF and BHE: In 2011, Berkshire’s first full yr of BNSF possession, the 2 corporations had mixed earnings of $4.2 billion. In 2020, a troublesome yr for a lot of companies, the pair earned $8.Three billion. BNSF and BHE would require main capital expenditures for many years to return. The excellent news is that each are prone to ship applicable returns on the incremental funding.

Let’s look first at BNSF. Your railroad carries about 15% of all non-local ton-miles (a ton of freight moved one mile) of products that transfer in the USA, whether or not by rail, truck, pipeline, barge or plane. By a big margin, BNSF’s masses prime these of some other provider.

The historical past of American railroads is fascinating. After 150 years or so of frenzied building, skullduggery, overbuilding, bankruptcies, reorganizations and mergers, the railroad business lastly emerged a couple of a long time in the past as mature and rationalized.

BNSF started operations in 1850 with a 12-mile line in northeastern Illinois. Immediately, it has 390 antecedents whose railroads have been bought or merged. The corporate’s in depth lineage is laid out at http://www.bnsf.com/bnsf-resources/pdf/about-bnsf/History_and_Legacy.pdf.

Berkshire acquired BNSF early in 2010. Since our buy, the railroad has invested $41 billion in mounted property, an outlay $20 billion in extra of its depreciation fees. Railroading is an out of doors sport, that includes mile-long trains obliged to reliably function in each excessive chilly and warmth, as all of them the whereas encounter each type of terrain from deserts to mountains. Large flooding periodically happens. BNSF owns 23,000 miles of monitor, unfold all through 28 states, and should spend no matter it takes to maximise security and repair all through its huge system.

Nonetheless, BNSF has paid substantial dividends to Berkshire – $41.Eight billion in complete. The railroad pays us, nevertheless, solely what stays after it each fulfills the wants of its enterprise and maintains a money steadiness of about $2 billion. This conservative coverage permits BNSF to borrow at low charges, impartial of any assure of its debt by Berkshire.

One additional phrase about BNSF: Final yr, Carl Ice, its CEO, and his quantity two, Katie Farmer, did a unprecedented job in controlling bills whereas navigating a big downturn in enterprise. Regardless of a 7% decline within the quantity of products carried, the 2 truly elevated BNSF’s revenue margin by 2.9 proportion factors. Carl, as lengthy deliberate, retired at yearend and Katie took over as CEO. Your railroad is in good palms. BHE, in contrast to BNSF, pays no dividends on its widespread inventory, a highly-unusual apply within the electric-utility business. That Spartan coverage has been the case all through our 21 years of possession. Not like railroads, our nation’s electrical utilities want a large makeover wherein the last word prices might be staggering. The trouble will take up all of BHE’s earnings for many years to return. We welcome the problem and consider the added funding might be appropriately rewarded.

Let me inform you about one in every of BHE’s endeavors – its $18 billion dedication to transform and increase a considerable portion of the outdated grid that now transmits electrical energy all through the West. BHE started this venture in 2006 and expects it to be accomplished by 2030 – sure, 2030.

The appearance of renewable power made our venture a societal necessity. Traditionally, the coal-based era of electrical energy that lengthy prevailed was situated shut to very large facilities of inhabitants. The most effective websites for the brand new world of wind and photo voltaic era, nevertheless, are sometimes in distant areas. When BHE assessed the scenario in 2006, it was no secret that an enormous funding in western transmission strains needed to be made. Only a few corporations or governmental entities, nevertheless, had been in a monetary place to lift their hand after they tallied the venture’s value.

BHE’s resolution to proceed, it ought to be famous, was based mostly upon its belief in America’s political, financial and judicial techniques. Billions of {dollars} wanted to be invested earlier than significant income would circulation. Transmission strains needed to cross the borders of states and different jurisdictions, every with its personal guidelines and constituencies. BHE would additionally have to cope with tons of of landowners and execute difficult contracts with each the suppliers that generated renewable energy and the far-away utilities that might distribute the electrical energy to their clients.

Competing pursuits and defenders of the previous order, together with unrealistic visionaries wanting an instantly-new world, needed to be introduced on board.

Each surprises and delays had been sure. Equally sure, nevertheless, was the truth that BHE had the managerial expertise, the institutional dedication and the monetary wherewithal to satisfy its guarantees. Although will probably be a few years earlier than our western transmission venture is accomplished, we’re as we speak trying to find different initiatives of comparable measurement to tackle.

Regardless of the obstacles, BHE might be a frontrunner in delivering ever-cleaner power.

The Annual Assembly
Final yr, on February 22nd, I wrote you about our plans for a gala annual assembly. Inside a month, the schedule was junked.

Our residence workplace group, led by Melissa Shapiro and Marc Hamburg, Berkshire’s CFO, shortly regrouped. Miraculously, their improvisations labored. Greg Abel, one in every of Berkshire’s Vice Chairmen, joined me on stage dealing with a darkish enviornment, 18,000 empty seats and a digital camera. There was no rehearsal: Greg and I arrived about 45 minutes earlier than “showtime.”

Debbie Bosanek, my unimaginable assistant who joined Berkshire 47 years in the past at age 17, had put collectively about 25 slides displaying varied info and figures that I had assembled at residence. An nameless however highly-capable workforce of pc and digital camera operators projected the slides onto the display screen in correct order. Yahoo streamed the proceedings to a record-sized worldwide viewers. Becky Fast of CNBC, working from her residence in New Jersey, chosen questions from hundreds that shareholders had earlier submitted or that viewers had emailed to her through the 4 hours Greg and I had been on stage. See’s peanut brittle and fudge, together with Coca-Cola, supplied us with nourishment.

This yr, on Could 1st, we’re planning to go one higher. Once more, we’ll depend on Yahoo and CNBC to carry out flawlessly. Yahoo will go reside at 1 p.m. Japanese Daylight Time (“EDT”).

Merely navigate to https://finance.yahoo.com/brklivestream. Our formal assembly will begin at 5:00 p.m. EDT and may end by 5:30 p.m. Earlier, between 1:30-5:00, we’ll reply your questions as relayed by Becky. As at all times, we could have no foreknowledge as to what questions might be requested. Ship your zingers to BerkshireQuestions@cnbc.com. Yahoo will wrap issues up after 5:30.

And now – drum roll, please – a shock. This yr our assembly might be held in Los Angeles . . . and Charlie might be on stage with me providing solutions and observations all through the 31⁄2-hour query interval. I missed him final yr and, extra vital, you clearly missed him. Our different invaluable vice-chairmen, Ajit Jain and Greg Abel, might be with us to reply questions referring to their domains. Be a part of us through Yahoo. Direct your actually robust inquiries to Charlie! We could have enjoyable, and we hope you’ll as nicely.

Higher but, in fact, would be the day once we see you head to head. I hope and anticipate that might be in 2022. The residents of Omaha, our exhibiting subsidiaries and all of us on the residence workplace can’t wait to get you again for an honest-to-God annual assembly, Berkshire-style.

February 27, 2021 Warren E. Buffett
Chairman of the Board

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